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Australian Rare Earths Ltd

Shallow, high-grade mineralisation continues to be identified at Koppamurra, with latest assays from an area of infill drilling within the Inferred Resource of the existing Mineral Resource Estimate;

The most recent high-grade mineralisation intersected at Koppamurra includes:

o KM5170, 3m @ 4,995 ppm Total Rare Earth Oxide (TREO) from 3m, with 21.1% combined Neodymium/Praseodymium (Nd/Pr) and 1.7 % Dysprosium (Dy) – Section 1

- Including 1m @ 13,020 ppm from 4m, with 21.4% combined Nd/Pr and 1.4% Dy

o KM5093, 3m @ 2,180 ppm TREO from 9m, with 27.2% combined Nd/Pr and 3.0% Dy – Section 1

o KM5176, 4m @ 1,800 ppm TREO from 2m, with 21.6% combined Nd/Pr and 1.8% Dy – Section 2

o KM5106, 6m @ 1,469 ppm TREO from 2m, with 22.3% combined Nd/Pr and 3.4% Dy – Section 2

o KM5101, 5m @ 1,741 ppm TREO from 2m, with 23.8% combined Nd/Pr and 3.7% Dy – Section 2

o KM5149, 2m @ 1,892 ppm TREO from 4m, with 18.1% combined Nd/Pr and 2.9% Dy – Section 2

Approximately 50% of the 4800 assays sent for analysis have now been received;

Additional assays are expected to arrive during the first quarter of 2024 from the northern, previously untested, 10km strike extension of the known mineralisation.

Additional high grade, shallow mineralisation at Koppamurra

Summary